IPM PROJECTS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IPM PROJECTS
Largest movements
- Stocks and contracts -€285,904
down €285,904 (-56.3%), from €507,990 to €222,086
- Cash +€7,059
up €7,059 (+26.3%), from €26,838 to €33,897
mainly Stocks and contracts (+€285,904) and Trade debts (+€376)
- Debts after one year -€204,005
down €204,005 (-88.9%), from €229,598 to €25,593
- Other debts -€70,960
down €70,960 (-35.2%), from €201,368 to €130,407
- Gross operating margin +€27,681
up €27,681, from -€14,510 to €13,171
- Financial charges +€7,285
up €7,285 (+182%), from €4,007 to €11,292
- Other operating charges -€375
down €375 (-14.2%), from €2,637 to €2,262
- Depreciation -€292
down €292 (-100%), from €292 to €0
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,074 | €256,229 | -€278,845 | -52.1% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €535,074 | €256,229 | -€278,845 | -52.1% |
| Stocks and contracts in progress | 3 | €507,990 | €222,086 | -€285,904 | -56.3% |
| Stocks | 30/36 | €507,990 | €222,086 | -€285,904 | -56.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,838 | €33,897 | +€7,059 | +26.3% |
| Deferred charges and accrued income | 490/1 | €246 | €246 | = | 0.0% |
| Total equity and liabilities | 10/49 | €535,074 | €256,229 | -€278,845 | -52.1% |
| Equity | 10/15 | €100,512 | €99,728 | -€784 | -0.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €73,166 | €73,166 | = | 0.0% |
| Distributable reserves | 133 | €73,166 | €73,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,286 | €18,503 | -€784 | -4.1% |
| Amounts payable | 17/49 | €434,562 | €156,501 | -€278,062 | -64.0% |
| Amounts payable after more than one year | 17 | €229,598 | €25,593 | -€204,005 | -88.9% |
| Financial debts | 170/4 | €229,598 | €25,593 | -€204,005 | -88.9% |
| Amounts payable within one year | 42/48 | €204,964 | €130,907 | -€74,057 | -36.1% |
| Trade debts | 44 | €124 | €500 | +€376 | +305% |
| Suppliers | 440/4 | €124 | €500 | +€376 | +305% |
| Taxes, remuneration and social security | 45 | €3,473 | €0 | -€3,473 | -100% |
| Taxes | 450/3 | €3,473 | €0 | -€3,473 | -100% |
| Other amounts payable | 47/48 | €201,368 | €130,407 | -€70,960 | -35.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292 | €0 | -€292 | -100% |
| Other operating charges | 640/8 | €2,637 | €2,262 | -€375 | -14.2% |
| Gross operating margin | 9900 | -€14,510 | €13,171 | +€27,681 | |
| Operating profit (loss) | 9901 | -€17,826 | €10,509 | +€28,335 | |
| Financial charges | 65/66B | €4,007 | €11,292 | +€7,285 | +182% |
| Recurring financial charges | 65 | €4,007 | €11,292 | +€7,285 | +182% |
| Profit (loss) for the period before taxes | 9903 | -€21,833 | -€784 | +€21,049 | +96.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€21,833 | -€784 | +€21,049 | +96.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,833 | -€784 | +€21,049 | +96.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.